Applying mortgage in US
 

Can someone please tell me which bank in the US would accept non-residents mortgage? I currently lived in Hong Kong and would like to buy a US property as a second home for my daughter who will be going there for University in about a year time. I wonder if any banks would lend to a non-resident. Any advise would be appreciated.

Re: Applying mortgage in US
 

Since any potential mortgage will:

a) be based on a US credit rating and

b) be an agreement only enforceable in US Law

I think it's safe to say a foreign resident cannot get a US mortgage.

Re: Applying mortgage in US
 

Then how do Brits get them to buy holiday homes in Florida. I purchased my home in the US while being a Brit living in the UK, and my wife while a US citizen was living in the UK as well.

Re: Applying mortgage in US
 

We were still living and working in the UK, when we purchased our house in the US. It was some years ago, but we found Wells Fargo very helpful. All done online, by phone and fax.

Re: Applying mortgage in US
 

I'm pretty sure your wife being a US citizen might have had something to do with it...

The time when mortgages got handed out to anybody who's had a pulse at some point in the previous six months pretty much came to a halt in 2008; also, don't forget that a lot of the "Brit buying property abroad" was financed by remortgaging and extracting (some of) the equity of the house in the UK.

That said, I'm not sure that buying a house in a place that you can't necessarily get access to (if the IO doesn't let you in, didn't we have a case like that recently) and only for a limited time (your daughter's time at University) makes an awful lot of sense, especially given the high transaction costs of purchasing property here in the US when compared to the UK.

Re: Applying mortgage in US
 

talk to HSBC about their Premier Service.

Re: Applying mortgage in US
 

Are you sure you want to buy instead of rent? It's usually not worthwhile to buy a home with a mortgage that you're only going to use for 4 years. You probably won't get your money back on the resale when the time comes.

Rene

Re: Applying mortgage in US
 

That may or may not be the case. When we were purchasing our house I posted on BE for advice and was given information of several brokers who could arrange a mortgage in the US for Brits buying a second home here. I was replying to a rather broad statement that a foreign resident cannot get a mortgage in the US. I'm sure there are many ways of financing such a purchase, but saying no foreign resident can get a US mortgage isn't correct. It is probably a lot harder now than it was, but saying it can't be done is just another example of the all encompassing statements made on BE which are opinions based on no real knowledge.

Re: Applying mortgage in US
 

thanks for your advise. Well, It would probably be use for more thean 4 years as my brother's daughter will be going to US for university as well so i might as well buy it then rent it

Re: Applying mortgage in US
 

You don't say how much you're putting down. Five percent and I wouldn't even bother looking for a taker, but 50 percent and you're probably going to find someone who'll take it.

Re: Applying mortgage in US
 

Do you have any contact of the brokers?

Re: Applying mortgage in US
 

I am going to pay 50% downpayment

Re: Applying mortgage in US
 

In that case shop around until you find something. You might be better with an independent mortgage broker rather than a bank.

Re: Applying mortgage in US
 

Brokers are often state specific. Your realtor will have some suggestions, too.

Re: Applying mortgage in US
 

Was that in the last 4 years?

Sure it's still doable these days, but you'd need a hefty deposit.

Either way, for someone just to go to uni, it's a pretty shit investment.

Likelyhood of finding someone willing to bother, even with 50% down probably entirely depends on local market conditions. Out in Maine, probably more than golden, but in Boston, still probably no chance.